Where in the world to live? (Fun, Luxury, Tax)

Grumpy_chap

theviewer1985 said:

 we could have easily just gone to the Med somewhere.

Malta has a residency programme
https://www.gov.mt/en/Life Events/Pages/Moving to Malta/Moving-to-Malta.aspx

Albermarle

The big B word, is a frustrating hindrance. Otherwise we could have easily just gone to the Med somewhere.

When I was working ( until quite recently) nearly all my colleagues were not British. They were from mainly West European countries, including those around the Med, but also from East Europe and one from Russia.
They all complained at length about their own countries. Too high tax, too many immigrants, bad politicians, too much red tape, too many travelling delays, weather too hot, too cold  etc.etc.
They also complained about the EU & Brussels as well but not to the extent of actually leaving. That was only for the crazy Brits.

Grumpy_chap

Where in the World to live?  (Fun, Luxury, Tax)

Isn't the most fun to be had where your friends, family and support network are?

Isn't the greatest luxury valued relationships and mutual, reliable, supportive friendships?

The tax is just whatever it is and something to tolerate wherever the fun and luxury are and we'd probably all still moan about the tax rate and / or public service provision.

Does the OP have different definitions for Fun & Luxury?

theviewer1985

DullGreyGuy said:

theviewer1985 said:

Grumpy_chap said:

The OP might wish to consider how they are reimbursed for their income. 

Although WFH is a "thing" now on a far greater scale than it was in 2019, many companies I am aware of will engage Contractors on the basis of WFH - you can be based anywhere so long as that anywhere is within UK.  The reasoning behind that is companies don't want to be exposed, or even risk of exposed, to the effort / penalties that might be associated with having to handle different tax regimes.

I've noted from the latter threads that the OP's business model is Vlogging so the payment is probably generated through different mechanism than straightforward Contractor engagement.  Would the financing customer's (host sites / advertisers) concerns about off-shoring still exist?

Also, I'm very out of touch with the world of Vlogging but aren't those that are successful (MarzBar comes to mind as an example) only successful because they tap into a young audience that see the updates as relateable and aspirational?  I can't see that if Marzbar dispatched himself off to Bali for long term that he would necessarily be able to maintain that relatability for the average UK-based young person.  In part, the Vlogs have to include content that you'd only keep up to date on by being in the UK - who in Bali (or wherever) will ever actually really be up to speed on the impact of the UK weather / hosepipe bans / drought / fires etc?  Or the newly launched super-duper mobile service from XYZ Telecoms?  Or the value of the £400 energy discount from the Government?  Or whatever else it is that is the topic of the moment.

As an FYI, vlogging CAN be about relatability. But as is the case with us, can equally be about lifestyle / fashion / travel. So moving to Bali for example, would actually be a good move and give us more content options. COVID hampered us on that front because we had to get creative in a mile radius. Very dull for us.

Yes, London Fashion Week, Paris Fashion Week, NY Fashion Week... Bali Fashion Week? I am sure they are all equally famous if you say you are into fashion.

I know a couple who made their name in luxury travel blogging, started a travel consultancy and then moved to a remote tropical island. The blogging side of their business really dried up but the consultancy side sustained them well until covid. Have to admit that I've not talked to them for a while but after 3 years they've reappeared on travel forums and there comments, but also relevancy have clearly diminished due to being somewhere very pretty/enviable but not the hub of activity of NYC and London where they previously lived.

Haha... yeah we most definitely won't be filming any Bali fashion weeks. Or Paris fashion weeks for that matter. It's not that sort of thing. 

Before COVID we spent 75% of the year travelling doing the same thing. Barely anything, if anything, we photographed / filmed was ever in the UK.

Point being, I have no fear in moving somewhere else having a negative impact on the business, providing we have internet of course and a nice place / hotel

Speedbird676

Even if you purchase in the UK, there's nothing stopping you going to Bali (if the nomad visa thing happens) for a year to try it out.

You would need consent to let from your mortgage lender to be able to rent out your house/flat. I rented my house out for almost five years when I moved to the middle east. 

You're also in a better position than the majority, having a limited company, to be able to extract your earnings in the most tax efficient way.

lr1277

Is Belgium a possibility? A few years ago, I worked for a company that did well on the stock market. Many employees had shares in the company so they became millionaires, I think. Anyway I heard of one couple that moved to Belgium because of the tax regime. But this was oer 20 years ago. I don't know Belgium's tax regime now, but it would meet your need about the EU. Perhaps worth investigating.

The other thing about moving abroad is that you may be able to carry on your job in your new location. But what about staying in touch with the friends and family you leave behind. Say you wanted to call your family at 8pm and you are now in Malaysia. You would have to call your family at 3am Malaysia time.

Sorry to bring a morbid tone but you should also consider taxes on death and inheritance laws. I imagine, any death taxes you pay will be based on your country of residence and not UK tax and inheritance laws. I remember something about in France where property has to be split amongst either all children or all relatives. Irresective of whether you want certain people to inherit your assets.

I believe in Sri Lanka there is no inheritance tax, but not sure about that. But the Sri Lankan goverment don't allow foreigners to buy flats above the 4th floor, I think. They want to save the best for the locals. Again needs investigating before you move.

Finally if you do buy a property in the UK, and then rent it out before moving abroad; you or your tenant would still have to pay any taxes. Either your tenant pays the taxes on your rental income, or I think you can come to some arrangement with HMRC, but am not sure about that last point. Again needs investigating.

Jeremy535897

People would spend a year abroad in Belgium and rely on the double tax agreement to avoid tax on UK capital gains on certain shares. The rules have changed.

lr1277

Jeremy535897 said:

People would spend a year abroad in Belgium and rely on the double tax agreement to avoid tax on UK capital gains on certain shares. The rules have changed.

Thanks. But if gossip and my memory are to be believed, this couple made a permanent move to Belgium. But that was in the late 90's and as we both said, the tax laws will have changed since then.

Okey00001

Grumpy_chap said:

Where in the World to live?  (Fun, Luxury, Tax)

Isn't the most fun to be had where your friends, family and support network are?

Isn't the greatest luxury valued relationships and mutual, reliable, supportive friendships?

The tax is just whatever it is and something to tolerate wherever the fun and luxury are and we'd probably all still moan about the tax rate and / or public service provision.

Does the OP have different definitions for Fun & Luxury? I

I think we live in a fools world if just trying to constantly evade paying tax. Most of those who do avoid are very wealthy and buy their way through life, living where ever they want to have a "perfect life".  If the defination of "fun and luxury" is to have more money, then those people will be eternally unhappy, chasing for superficial or manufactured "happiness" at the expense of others.

silvercar

When you say tax havens, my first thoughts would be Jersey/ Guernsey or the Caymen Islands.

Then again, making (long) life plans solely based on tax seems the tail is wagging the dog.